Mr. Hollande also praised the position taken in Brussels on Wednesday by the head of the European Central Bank, Mario Draghi, who said he favored “a growth compact” of structural reforms in parallel with the fiscal treaty limiting budget deficits and national debt. But there was little indication that Germany, the driving force behind the austerity-driven fiscal treaty agreed to last month, was warming to his ideas. In the first news conference of his campaign, Mr. Hollande said that he would propose four modifications to the European Union treaty, favored by Germany and approved in March but not yet ratified. Most significant, perhaps, he called for the creation of collective euro bonds, but to be used to finance industrial infrastructure projects, not to consolidate debt, which the Germans oppose.

Mr. Hollande also praised the position taken in Brussels on Wednesday by the head of the European Central Bank, Mario Draghi, who said he favored “a growth compact” of structural reforms in parallel with the fiscal treaty limiting budget deficits and national debt. But there was little indication that Germany, the driving force behind the austerity-driven fiscal treaty agreed to last month, was warming to his ideas. In the first news conference of his campaign, Mr. Hollande said that he would propose four modifications to the European Union treaty, favored by Germany and approved in March but not yet ratified. Most significant, perhaps, he called for the creation of collective euro bonds, but to be used to finance industrial infrastructure projects, not to consolidate debt, which the Germans oppose.

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